Average price of new-build properties up almost 10% year-on-year
Share
The Department for Communities and Local Government’s latest figures for September shows the average price of new-build properties to be up 8.8% year-on-year.
By contrast the average price for a pre-owned property fell by 2.1% year-on-year.
Overall house prices were up by 1.4% year-on-year in September, although between August and September they fell 0.7%.
And average house prices increased by 0.6% over the quarter to September, compared to a quarterly decrease of 0.8% over the quarter to June - the cost of an average home currently stands at £207,326.
And the amount stumped up by first-time buyers was 0.7% lower on average than a year earlier and prices paid by former owner occupiers also decreased by 1.7%.
If you enjoyed this article, sign up here to receive daily email updates from Mortgage Strategy and Follow @mortgagestrat
Readers' comments (2)
MC | 16 Nov 2011 10:02 am
If thats the case why are the developers moaning about downvaluations?
Why are the likes of Countrywide whingeing about lenders low LTV's on new build?
Why is the Government bending over backwards with schemes to assist builders?
There seems to be no lack of new build "premium" around.
Am I wrong to think all the new build side of the business has been crying wolf, when it would appear it's the sellers of existing homes who are the ones suffering.
About time we had some schemes to assist purchases of existing homes.
Unsuitable or offensive? Report this comment
Bald Underwriter | 24 Nov 2011 4:13 pm
Half a story. Builders are just concentrating on larger more expensive properties and moving away from the higher density flat developments. Don't mistake this for appreciating new build values!
Unsuitable or offensive? Report this comment